The market took off yesterday in a rally that saw the Dow Jones Industrial average rally over 600 points, but the Dow, Nasdaq and S&P 500 all pointed lower in intraday trading Tuesday.
So, what are Jim Cramer and Katherine Ross paying attention to on March 2?
"We were up so much yesterday, this is kind of what you want," Cramer said. "This is a market in consolidation."
However, Cramer called recent action in the Nasdaq "disconcerting" as stocks including Nvidia (NVDA) - Get NVIDIA Corporation Report and Apple (AAPL) - Get Apple Inc. Report continue to sell for the wrong reasons in his view. "There’s great antipathy toward the tech tech stocks," Cramer said.
Recap Tuesday's episode of TheStreet Live in the video below and be sure to catch Jim Cramer and Katherine Ross live every weekday at 10:30 a.m. ET:
The Apple of Our Eye?
However, not all Apple stores in the U.S. are open for walk-in customers, the report added. Though all customers can obviously hop online and access Apple's store 24/7.
Last year, Apple closed all of its physical stores outside of China starting mid-March as the coronavirus pandemic gripped the world. The company has reopened and re-closed stores in response to local COVID-19 conditions ever since.
"The stores don't really matter," Cramer said, but added that he maintains his view that Apple is a stock to hold rather than trade.
Electric Vehicles vs. Exxon
"Exxon's board moves indicate it knows its gasoline days are numbered," Cramer noted.
"That's the challenge for the old paradigm and the joy of the new. This is the year where I think the ESG-oriented funds put pressure on the oil companies by suggesting that they shouldn't be owned. Oil has had a remarkable comeback in 2021, that's undeniable, but a lot of that is the Saudis restricting production and fear thar President Biden means business when it comes to climate change, which means supporting whatever rushes EV to the market," he wrote.
When asked how long Exxon stock can keep heading higher, Cramer said the momentum can continue as long as the price of oil keeps pushing higher.
Kohl's (KSS) - Get Kohl's Corporation Report posted adjusted earnings of $346 million, or $2.22 a share. The earnings included a tax-benefit gain of $1.15 a share. Sales came in at $6.14 billion vs. $6.83 billion a year ago.
"After an extraordinary year managing through the pandemic, we ended the year in a very solid financial position, and we enter 2021 with strong momentum," CEO Michelle Gass said in a statement.
"Following years of investment to build a durable, scalable and sustainable business model, we saw record growth in 2020, as our guests turned to Target to safely provide for their families throughout the pandemic," said CEO Brian Cornell. "With the strength of our unique, multi-category assortment and the flexibility we offer through our reliable and convenient fulfillment options, we gained nearly $9 billion in market share in 2020, and grew our revenue by $15 billion, which is more than the 11 prior years combined."
What Happened on Mad Money Last Night?
"Forget about investing in the obvious economic reopening stocks, Jim Cramer told his Mad Money viewers Monday. That ship sailed weeks ago, Cramer said, but there are a handful of stealth reopening stocks that are hiding in plain sight," TheStreet's Scott Rutt wrote in his Mad Money recap.
"Instead, Cramer said he's betting with stocks like payment processor Square, which today announced the company is starting a bank to broaden its offerings," he continued.
Curious about what Jim Cramer and his team at Action Alerts PLUS are watching in the markets? Watch Cramer's exclusive members-only Daily Rundown show on Action Alerts PLUS following TheStreet Live.
Daniel Kuhn contributed reporting to this article.